One of the regional leaders at a Federal Reserve Bank thinks that another federal funds rate reduction could happen in December, but he can’t commit to it yet. Meanwhile, one appointee by the incoming president of the United States has some people involved in the renewable fuels industry wondering what could be ahead. And one of the nation’s meat processing giants paid a multi-million dollar fine and agreed to do more to prevent future child labor violations.
Another Cut
Count the President of the Federal Reserve Bank of Minneapolis among those who believe that one more interest rate cut could take place before the end of 2024.
“I think another rate cut is certainly possible,” Kashkare told CBS “Face the Nation.”
“We need to finish the job, but so far so good. I mean, I don't want to declare victory yet. We need to finish the job, but we're on a good path right now,” Kashkare said.
Kashkare cited that inflation is still around 2.5% (not the Fed’s target rate of 2%). But the unemployment rate is manageable as it sits at a little more than 4%. He wants to see more data before committing to another rate cut.
However, he continues to see strength in the economy. “Ultimately, if the economy continues to perform well, a strong economy, a strong labor market that's going to that's the outcome that we're all trying to achieve. And I don't think that that's a partisan view. I think everybody's on board with trying to achieve that.”
Biofuels Future?
Renewable fuels producers, farmers, and investors have extra reasons to pay attention to President-Elect Donald Trump’s choice to head the Environmental Protection Agency.
During Trump’s first term in office, his administration approved a record number of exemptions for oil refineries. Biofuels producers see exemptions as immediate reductions to the potential of renewables in the overall fuel supply.
For his second term in office, Trump has nominated Lee Zeldin to lead the EPA. Zeldin is a former U.S. representative from New York, who previously opposed the Renewable Fuels Standard.
“Drill, baby, drill!” might help the oil industry. Those people connected to the renewable fuels industry want to know what the new energy policy will mean for them, too.
Child Labor
Fourteen-year-olds working at a Smithfield Foods meat processing plant in Minnesota performing work after allowable hours and with possible dangerous duties are behind some of the allegations against one of the country’s largest meat processors.
Smithfield agreed to pay a $2 million fine to resolve allegations against the company. The allegations involved the plant in St. James. In all, there were at least 11 children between the ages of 14 and 17 who were employed at the plant, according to the allegations.
RELATED: The Associated Press lays out the details of the child labor allegations against Smithfield Packaged Meats and the company’s claims that it did not know that anyone under the age of 18 worked at the plant. The company did not admit liability under the settlement and said that the children all passed the federal E-Verify employment background check by using false information.
